Cash routed to non-existent firm deemed proceeds of crime; laundered funds and properties attachable, provisional attachments confirmed; two accounts ...
Continuation of Section 73 service-tax proceedings after provider's death (construing s.65(7)) - held to abate; posthumous OIO and recoveries invalida...
Revision under section 263 was invoked on the ground that the assessment under section 153C read with section 143(3) concerning alleged cash payment for purchase of development rights was erroneous and prejudicial. It was held that prior administrative approval under section 153D does not bar revision, since the statutory scheme permits the PCIT to revise an assessment order notwithstanding such approval. On merits, the assessment was found to be based on enquiries, verification of documents and evidences, and a plausible view, including consideration of a witness statement denying linkage of seized notings to the assessee; the Revenue also failed to identify any specific unmade enquiry or incriminating material directly implicating the assessee. Consequently, the revision order was set aside and the appeal was allowed - ITAT
Revision under section 263 was invoked on the ground that the assessment under section 153C read with section 143(3) concerning alleged cash payment for purchase of development rights was erroneous and prejudicial. It was held that prior administrative approval under section 153D does not bar revision, since the statutory scheme permits the PCIT to revise an assessment order notwithstanding such approval. On merits, the assessment was found to be based on enquiries, verification of documents and evidences, and a plausible view, including consideration of a witness statement denying linkage of seized notings to the assessee; the Revenue also failed to identify any specific unmade enquiry or incriminating material directly implicating the assessee. Consequently, the revision order was set aside and the appeal was allowed - ITAT
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